Orioles Acquire Kevin Millwood

8:46pm: Evan Grant reports that the Orioles will send their third overall Rule 5 pick to the Rangers.

 5:26pm: The trade is official, according to Jorge Arangure Jr. of ESPN.com.

3:36pm: Evan Grant hears that only the medical report approvals remain before this deal is done.  He believes the Rangers would use some of the money saved to sign a free agent starter.

2:08pm: Rosenthal is hearing the Rangers will pick up $3MM of Millwood's $12MM tab.

1:38pm: The two sides have a tentative agreement, reports Zrebiec.  He says the deal could be completed as early as tonight.  However, ESPN's Jayson Stark tweets that a Rangers official said his team hasn't signed off on the trade.

1:20pm: The Orioles and Rangers are close to swapping pitchers Kevin Millwood and Chris Ray, reports Jeff Zrebiec of the Baltimore Sun.  Ken Rosenthal of FOX Sports agrees.  The Rangers would of course send cash in the deal. Ray hasn't heard anything yet, according to MASN's Steve Melewski.

The Rangers allowed Millwood's option to vest in late September, triggering a $12MM salary for 2010.  The righty, 35 later this month, posted a 3.67 ERA in 198.6 innings with a 5.6 K/9 and 3.2 BB/9.  He dealt with a strained gluteus muscle around July.  Ray, 27, closed for the Orioles in '06 and part of '07 but needed Tommy John surgery in August of '07.  The arb-eligible righty is under team control for two more years.